TRID (TILA-RESPA Integrated Disclosure Rule) Fact Sheet

What does TRID stand for?

• TILA-RESPA Integrated Disclosure Rule

• Truth in Real Estate Disclosure

• Taxpayer Relief and Investment Disclosure

• Title and Real Estate Information Document

Which of the following is NOT covered by the TRID rule?

• HELOC

• Reverse Mortgages

• Mobile homes not secured by real estate

• All of the above

Good Faith Estimate & initial Truth in Lending is now called ________.

• Loan Estimate (LE)

• Closing Disclosure (CD)

• Uniform Residential Loan Application (URLA)

• Mortgage Servicing Disclosure Statement

HUD Settlement Statement & final Truth in Lending is now called ________.

• Closing Disclosure (CD)

• Loan Estimate (LE)

• Uniform Residential Loan Application (URLA)

• Mortgage Servicing Disclosure Statement

The creditor is ultimately responsible for providing the Loan Estimate (LE) and Closing Disclosure (CD) to the borrower.

• True

• False

How long is the Intent to Proceed and LE good for?

• 3 business days

• 7 business days

• 10 business days

• 30 business days

What is required to waive the seven-day period for a 'bona fide financial emergency'?

• A written statement describing the emergency, an express statement that the waiting period is waived/modified, and signatures of all consumers obligated to repay the loan.

• A verbal agreement between the lender and borrower witnessed by a notary public.

• A letter from the lender stating the emergency and a phone call from the borrower.

• A signed affidavit from only one of the consumers obligated to repay the loan.

Which of the following is a valid changed circumstance under TRID?

• Rate Lock

• Change in eligibility

• Consumer-requested revisions

• All of the above

Zero tolerance applies to which of the following fees?

• Origination Fees

• Transfer Taxes

• Technical Errors

• All of the above

Cumulative 10% tolerance applies to which of the following?

• Recording Fees

• Third Party Services (borrower IS allowed to shop for from creditor's recommended list)

• Government Recording Fees

• All of the above